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Cloud cost monitoring platform Cloudability announced on Monday that it has closed a $24 million Series B round of financing, led by the Foundry Select Fund.
According to a blog post by Mat Ellis, the company's CEO and founder, the funding will be used to invest in the product, which aims to create more transparency around cloud cost and utilization. Ellis said these improvements will “transform a company’s mountain of billing data into actionable insights to help them build bigger and more complex clouds with confidence and control.”
“For five years now we’ve helped our customers manage and optimize their clouds at an insane pace. Collectively, our customers have spent nearly $4B on cloud services,” Ellis said. “Early adopters such as GE, Uber, and Atlassian have demonstrated conclusively that new tools and processes are needed to optimize cloud spending and avoid waste. And an agile and decentralized approach to cloud management raises the speed limit for innovation inside their organizations.”
With the latest round, Cloudability’s total funding has reached over $40 million.
Earlier this year, the company acquired self-service cloud business intelligence platform DataHero, gaining a San Francisco office in the process. Cloudability is headquartered in Portland, Oregon, where it was recently named one of Oregon’s top 100 best companies to work for.
Last August, it also acquired RipFog to bring big data analytics capabilities into its portfolio.